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2014 (1) TMI 1185 - AT - Income TaxDeduction allowed u/s 80IB of the Act – Entitlement for 100% deduction - Unit II only Extension of Unit I – Held that:- The decision in Bio-Vet Industries Versus DCIT [2010 (2) TMI 911 - ITAT, Mumbai] deleted - The items produced in Unit-I was mainly taxing which was not very costlier while Unit-II produced mainly Vitamins which were costlier – Unit-II is a separate industrial undertaking which is entitled to deduction u/s.801B - No addition could be made, Assessing Officer could not have made any addition without brining on record any material to show that the entries in this register were not correct - the AO is directed to grant deduction u/s.80IB in respect of Unit-II after apportioning the expenses – the order of the CIT(A) upheld – Decided against Revenue. Classification of Interest receipts – Business income OR Income from other sources - Set-off of interest payment against interest receipts – Held that:-The decision in M/s Liberty India Versus Commissioner of Income Tax [2009 (8) TMI 63 - SUPREME COURT] followed - only the net interest income should be considered for the purpose of computing the deduction under section 80IB and interest payment should be set-off against the interest receipts – thus, the AO is directed to compute the relief to be given – Decided partly in favour of Assessee.
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